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Bandhan Bank registered a near 100 per cent increase in its net profit in the second quarter of the fiscal to Rs 971.79 crore. The bank's net profit was Rs 487.65 crore in the July to September quarter last fiscal.
“In view of the amalgamation with GRUH Finance, the figures for the current quarter are not comparable with the corresponding figures of previous year/period,” it said in a statement on Thursday. Bandhan Bank completed merger with Gruh finance on October 17, 2019.
Post-merger, its total income shot up by 66.14 per cent to Rs 3,050.54 crore for the quarter ended September 30, 2019 as against Rs 1,836.07 crore in the same period a year ago.
The lender’s net interest income for the quarter grew by 41.84 per cent to Rs 1,529 crore as against Rs1,078 crore in the corresponding quarter of the previous year.
Non-interest income grew by 56.96 per cent to Rs 361 crore for the quarter ended September 30, 2019 against Rs 230 crore in the corresponding quarter of the previous year.
Net Interest Margin (annualised) for the quarter ending September 30, 2019 however, fell to 8.2 per cent against 10.2 per cent in the corresponding quarter of the previous year. The total Advances (on book and off book) grew by 92.33 per cent to Rs 64,186 crore as on September 30, 2019 against Rs 33,373 crore as on September 30, 2018, while total deposits also surged by 49.26 per cent to ₹ 49,195 crore in the second quarter this fiscal.
Provisions rose 17.2 per cent to Rs 145.54 crore in the second quarter of the fiscal from Rs 124.17 crore a year ago.
Gross NPAs as on September 30, 2019 was at 1.76 per cent of gross advances, as compared to 2.02 per cent against 1.29 per cent a year ago. Net NPAs as on September 30, 2019 amounted to 0.56 per cent of net advances as compared to 0.69 per cent a year ago.
“Having completed the merger in record time, we now look forward to enhancing the Housing Loan business with the expertise of the well experienced team and the well tested model coupled with our large distribution network and customer base,” said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.
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